diff --git a/packages/eui/src/components/search_bar/filters/field_value_selection_filter.spec.tsx b/packages/eui/src/components/search_bar/filters/field_value_selection_filter.spec.tsx
index 962322d4e12..ee42c9ef8fc 100644
--- a/packages/eui/src/components/search_bar/filters/field_value_selection_filter.spec.tsx
+++ b/packages/eui/src/components/search_bar/filters/field_value_selection_filter.spec.tsx
@@ -502,4 +502,66 @@ describe('FieldValueSelectionFilter', () => {
       .eq(0)
       .should('have.attr', 'title', 'Bug');
   });
+
+  it('caches options if options is a function and config.cache is set', () => {
+    // Note: cy.clock()/cy.tick() doesn't currently work in Cypress component testing :T
+    // We should use that instead of cy.wait once https://github.com/cypress-io/cypress/issues/28846 is fixed
+    const props: FieldValueSelectionFilterProps = {
+      index: 0,
+      onChange: () => {},
+      query: Query.parse(''),
+      config: {
+        type: 'field_value_selection',
+        field: 'tag',
+        name: 'Tag',
+        cache: 5000, // Cache the loaded tags for 5 seconds
+        options: () =>
+          new Promise((resolve) => {
+            setTimeout(() => {
+              resolve(staticOptions);
+            }, 1000); // Spoof 1 second load time
+          }),
+      },
+    };
+    cy.spy(props.config, 'options');
+
+    const reducedTimeout = { timeout: 10 };
+    const assertIsLoading = (expected?: Function) => {
+      cy.get('.euiSelectableListItem', reducedTimeout).should('have.length', 0);
+      cy.get('[data-test-subj="euiSelectableMessage"]', reducedTimeout)
+        .should('have.text', 'Loading options')
+        .then(() => {
+          expected?.();
+        });
+    };
+    const assertIsLoaded = (expected?: Function) => {
+      cy.get('.euiSelectableListItem', reducedTimeout).should('have.length', 3);
+      cy.get('[data-test-subj="euiSelectableMessage"]', reducedTimeout)
+        .should('not.exist')
+        .then(() => {
+          expected?.();
+        });
+    };
+
+    cy.mount(<FieldValueSelectionFilter {...props} />);
+    cy.get('button').click();
+    assertIsLoading();
+
+    // Wait out the async options loader
+    cy.wait(1000);
+    assertIsLoaded(() => expect(props.config.options).to.be.calledOnce);
+
+    // Close and re-open the popover
+    cy.get('button').click();
+    cy.get('button').click();
+
+    // Cached options should immediately repopulate
+    assertIsLoaded(() => expect(props.config.options).to.be.calledOnce);
+
+    // Wait out the remainder of the cache, loading state should initiate again
+    cy.get('button').click();
+    cy.wait(5000);
+    cy.get('button').click();
+    assertIsLoading(() => expect(props.config.options).to.be.calledTwice);
+  });
 });
diff --git a/packages/eui/src/components/search_bar/filters/field_value_selection_filter.tsx b/packages/eui/src/components/search_bar/filters/field_value_selection_filter.tsx
index 40c1c259f91..da21b2041ce 100644
--- a/packages/eui/src/components/search_bar/filters/field_value_selection_filter.tsx
+++ b/packages/eui/src/components/search_bar/filters/field_value_selection_filter.tsx
@@ -87,6 +87,8 @@ export class FieldValueSelectionFilter extends Component<
   FieldValueSelectionFilterProps,
   State
 > {
+  cacheTimeout: ReturnType<typeof setTimeout> | undefined;
+
   constructor(props: FieldValueSelectionFilterProps) {
     super(props);
     const { options } = props.config;
@@ -125,83 +127,68 @@ export class FieldValueSelectionFilter extends Component<
     });
   }
 
-  loadOptions() {
-    const loader = this.resolveOptionsLoader();
+  loadOptions = async () => {
+    let loadedOptions: FieldValueOptionType[];
     this.setState({ options: null, error: null });
-    loader()
-      .then((options) => {
-        const items: {
-          on: FieldValueOptionType[];
-          off: FieldValueOptionType[];
-          rest: FieldValueOptionType[];
-        } = {
-          on: [],
-          off: [],
-          rest: [],
-        };
-
-        const { query, config } = this.props;
-
-        if (options) {
-          options.forEach((op) => {
-            const optionField = op.field || config.field;
-            if (optionField) {
-              const clause =
-                this.multiSelect === 'or'
-                  ? query.getOrFieldClause(optionField, op.value)
-                  : query.getSimpleFieldClause(optionField, op.value);
-              const checked = this.resolveChecked(clause);
-              if (!checked) {
-                items.rest.push(op);
-              } else if (checked === 'on') {
-                items.on.push(op);
-              } else {
-                items.off.push(op);
-              }
-            }
-            return;
-          });
-        }
 
-        this.setState({
-          error: null,
-          activeItemsCount: items.on.length,
-          options: {
-            unsorted: options,
-            sorted: [...items.on, ...items.off, ...items.rest],
-          },
-        });
-      })
-      .catch(() => {
-        this.setState({ options: null, error: 'Could not load options' });
-      });
-  }
-
-  resolveOptionsLoader: () => OptionsLoader = () => {
-    const options = this.props.config.options;
-    if (isArray(options)) {
-      return () => Promise.resolve(options);
+    const { options, cache } = this.props.config;
+    try {
+      if (isArray(options)) {
+        // Synchronous options, already loaded
+        loadedOptions = options;
+      } else {
+        // Async options loader fn, potentially with a cache
+        loadedOptions = this.state.cachedOptions ?? (await options());
+
+        // If a cache time is set, populate the cache and schedule a cache reset
+        if (cache != null && cache > 0) {
+          this.setState({ cachedOptions: loadedOptions });
+          this.cacheTimeout = setTimeout(() => {
+            this.setState({ cachedOptions: null });
+          }, cache);
+        }
+      }
+    } catch {
+      return this.setState({ options: null, error: 'Could not load options' });
     }
 
-    return () => {
-      const cachedOptions = this.state.cachedOptions;
-      if (cachedOptions) {
-        return Promise.resolve(cachedOptions);
-      }
+    const items: Record<string, FieldValueOptionType[]> = {
+      on: [],
+      off: [],
+      rest: [],
+    };
 
-      return (options as OptionsLoader)().then((opts) => {
-        // If a cache time is set, populate the cache and also schedule a
-        // cache reset.
-        if (this.props.config.cache != null && this.props.config.cache > 0) {
-          this.setState({ cachedOptions: opts });
-          setTimeout(() => {
-            this.setState({ cachedOptions: null });
-          }, this.props.config.cache);
-        }
+    const { query, config } = this.props;
 
-        return opts;
+    if (loadedOptions) {
+      loadedOptions.forEach((op) => {
+        const optionField = op.field || config.field;
+        if (optionField) {
+          const clause =
+            this.multiSelect === 'or'
+              ? query.getOrFieldClause(optionField, op.value)
+              : query.getSimpleFieldClause(optionField, op.value);
+          const checked = this.resolveChecked(clause);
+          if (!checked) {
+            items.rest.push(op);
+          } else if (checked === 'on') {
+            items.on.push(op);
+          } else {
+            items.off.push(op);
+          }
+        }
+        return;
       });
-    };
+    }
+
+    this.setState({
+      error: null,
+      activeItemsCount: items.on.length,
+      options: {
+        unsorted: loadedOptions,
+        sorted: [...items.on, ...items.off, ...items.rest],
+      },
+    });
   };
 
   resolveOptionName(option: FieldValueOptionType) {
@@ -264,6 +251,10 @@ export class FieldValueSelectionFilter extends Component<
     if (this.props.query !== prevProps.query) this.loadOptions();
   }
 
+  componentWillUnmount() {
+    clearTimeout(this.cacheTimeout);
+  }
+
   render() {
     const { query, config } = this.props;